Latest news with #Tether
Politico
an hour ago
- Business
- Politico
‘Put up or shut up': Big win in Congress to test crypto's viability
'I don't think you can create a regime and then things magically happen,' said Graham Steele, who served as assistant Treasury secretary for financial institutions during the Biden administration. 'A lot of the challenges that crypto as an industry has had have been issues with the technology and the use cases themselves. … Just creating a regulatory framework is not going to make a lot of these other practical issues go away.' Stablecoins play a modest but critical role in the digital assets world, representing less than 10 percent of the nearly $4 trillion crypto market. While bitcoin, ether and the $TRUMP memecoin, among the thousands of other tokens, are well-known for their extreme price moves, stablecoins like Tether's USDT and Circle's USDC, the two largest with a combined global value of more than $220 billion, are designed so their price keeps steady at $1. That has made them the go-to currency for traders when buying and selling other tokens. The products — often backed by a mound of cash, U.S. government debt or other safe assets — are sometimes referred to as digital dollars. But proponents say they are a marked upgrade from their fiat counterparts. For one, they help resolve transactions faster than the middleman-filled payments system of today where purchases need to work their way through a web of different banks and financial institutions. That could provide retailers a new way to avoid the hefty fees they pay whenever a customer uses a credit card. Others point to their ability to seamlessly send money overseas without the delays or expenses that come with, say, a wire transfer. 'Payment stablecoins, when regulated well, when structured well and when compliant, are so much more than a so-called poker chip in a crypto casino,' said Dante Disparte, chief strategy officer and head of global policy and operations for Circle, a leading stablecoin company. 'They're actually innovations that can go places where the brick-and-mortar banking system cannot.' The stablecoin market has exploded in popularity. There are now about $239 billion worth of the tokens, up from less than $10 billion five years ago, according to a recent report. The federal government's regulatory sign-off on such products could accelerate their growth. Indeed, executives at major banks like Bank of America, Citigroup and Morgan Stanley said this week they are plotting their moves into the space. Retailers and other consumer-facing companies are, too. Uber is in a 'study phase' of using stablecoins, CEO Dara Khosrowshahi said last month. Walmart and Amazon are looking into the products, too, according to The Wall Street Journal. And e-commerce company Shopify said it's introducing stablecoin payments on its platform for merchants and consumers.
Economic Times
3 hours ago
- Business
- Economic Times
This little-known stablecoin just surged 337%, and it's turning heads in the business world
USDC experienced a remarkable 337% surge in usage, driven by Europe's MiCA regulations, positioning it as a leading cryptocurrency for payments, even surpassing Tether. Bitcoin rebounded as a top payment choice, while Layer-2 networks like Polygon and Base gained traction. Businesses increasingly retain crypto payments, viewing them as valuable assets, with USDC dominating merchant payouts. Tired of too many ads? Remove Ads USDC's Rise: A 337% Surge That No One Saw Coming The Catalyst: Europe's MiCA Regulation Tired of too many ads? Remove Ads Bitcoin Rebounds as a Payments Leader Layer-2 Networks Gain Momentum Businesses Are Holding Their Crypto, Not Cashing Out FAQs While Bitcoin continues to make headlines with its latest price swings, the real surprise in the crypto world this year hasn't been about volatility, but one that could reshape how businesses and consumers think about cryptocurrency transactions, and leading that shift is a stablecoin , as per a to CoinGate's H1 2025 Crypto Payments Report, USDC saw a 337% jump in usage during the first half of the year, as reported by Benzinga. That surge pushed it into the top five most-used cryptocurrencies for payments, capturing 68% of all crypto payout activity and even overtaking longtime leader Tether (USDT) by June, as per the reason for USDC's rise wasn't hype, but it was because of regulation, according to the report. Europe's new Markets in Crypto-Assets (MiCA) framework forced payment processors to cut back on USDT support because of compliance concerns, as reported by Benzinga. That gave USDC an opportunity to step up as businesses and consumers migrated to the Circle-issued stablecoin for its regulatory compliance and multi-blockchain availability, according to the said, 'This regulatory shift didn't just change the rules—it revealed who was truly ready for the institutionalization of crypto,' as reported by READ: AI stocks in bubble trouble - are Nvidia, Microsoft in danger? Economist says it's worse than the Dot-Com crash of 1999 Meanwhile, Bitcoin made an unexpected comeback, despite predictions that newer coins and faster networks would render it obsolete for everyday use, according to the report. Bitcoin reclaimed its spot as the most-used cryptocurrency for payments in the second quarter, accounting for over 23% of total transaction volume, as reported by significant technical development was the massive growth of Layer-2 networks, as reported by Benzinga. Polygon rose 117% in transactions compared to 2024, while newcomer Base, which was launched in February, quickly captured attention with 59% of its transactions involving USDC, as reported by Arbitrum accounted for more than 9% of total USDC transactions, according to the report. These networks improved transaction speed, reduced costs, and also made crypto payments accessible to a broader range of businesses and consumers who previously found blockchain transactions too expensive or slow, as reported by READ: Why can't this Wells Fargo banker leave China? The Chenyue Mao case everyone's talking about In the first half of 2025, 40.9% of all crypto payments were settled in digital currency, which is a 14% increase over last year, and a strong signal that businesses are starting to view crypto as more than just a payment rail, they're treating it like an asset worth holding, according to the led the way in merchant payouts with a 68% share, followed by Bitcoin at 17%, this suggests that regulatory compliance and price stability are driving business preferences, as per the in Europe made Tether harder to use, so businesses switched to the more compliant It saw a 337% jump in payment use in just six months.
Time of India
4 hours ago
- Business
- Time of India
This little-known stablecoin just surged 337%, and it's turning heads in the business world
USDC's Rise: A 337% Surge That No One Saw Coming The Catalyst: Europe's MiCA Regulation Live Events Bitcoin Rebounds as a Payments Leader Layer-2 Networks Gain Momentum Businesses Are Holding Their Crypto, Not Cashing Out FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel While Bitcoin continues to make headlines with its latest price swings, the real surprise in the crypto world this year hasn't been about volatility, but one that could reshape how businesses and consumers think about cryptocurrency transactions, and leading that shift is a stablecoin , as per a to CoinGate's H1 2025 Crypto Payments Report, USDC saw a 337% jump in usage during the first half of the year, as reported by Benzinga. That surge pushed it into the top five most-used cryptocurrencies for payments, capturing 68% of all crypto payout activity and even overtaking longtime leader Tether (USDT) by June, as per the reason for USDC's rise wasn't hype, but it was because of regulation, according to the report. Europe's new Markets in Crypto-Assets (MiCA) framework forced payment processors to cut back on USDT support because of compliance concerns, as reported by Benzinga. That gave USDC an opportunity to step up as businesses and consumers migrated to the Circle-issued stablecoin for its regulatory compliance and multi-blockchain availability, according to the said, 'This regulatory shift didn't just change the rules—it revealed who was truly ready for the institutionalization of crypto,' as reported by READ: AI stocks in bubble trouble - are Nvidia, Microsoft in danger? Economist says it's worse than the Dot-Com crash of 1999 Meanwhile, Bitcoin made an unexpected comeback, despite predictions that newer coins and faster networks would render it obsolete for everyday use, according to the report. Bitcoin reclaimed its spot as the most-used cryptocurrency for payments in the second quarter, accounting for over 23% of total transaction volume, as reported by significant technical development was the massive growth of Layer-2 networks, as reported by Benzinga. Polygon rose 117% in transactions compared to 2024, while newcomer Base, which was launched in February, quickly captured attention with 59% of its transactions involving USDC, as reported by Arbitrum accounted for more than 9% of total USDC transactions, according to the report. These networks improved transaction speed, reduced costs, and also made crypto payments accessible to a broader range of businesses and consumers who previously found blockchain transactions too expensive or slow, as reported by READ: Why can't this Wells Fargo banker leave China? The Chenyue Mao case everyone's talking about In the first half of 2025, 40.9% of all crypto payments were settled in digital currency, which is a 14% increase over last year, and a strong signal that businesses are starting to view crypto as more than just a payment rail, they're treating it like an asset worth holding, according to the led the way in merchant payouts with a 68% share, followed by Bitcoin at 17%, this suggests that regulatory compliance and price stability are driving business preferences, as per the in Europe made Tether harder to use, so businesses switched to the more compliant It saw a 337% jump in payment use in just six months.
Crypto Insight
10 hours ago
- Business
- Crypto Insight
USDt market cap hits $160B, cementing its ‘digital dollar' role: Tether CEO
The market cap of Tether's USDt, the world's largest stablecoin, has surpassed $160 billion for the first time, a 'new mind-blowing milestone,' according to Tether CEO Paolo Ardoino. In a Thursday post on X, Ardoino called the achievement a testament to USDt's growing role as the digital dollar for 'billions of people living in emerging markets and developing countries.' USDt crossed $150 billion in May. Ardoino has said that USDt is used by more than 400 million people worldwide, expanding by 35 million wallets each quarter, especially in emerging markets where it serves as a reliable dollar substitute. The blockchain distribution of USDt shows that Tron hosts the highest USDt supply, now accounting for about $81 billion, compared to Ethereum's $65 billion, according to data from DefiLlama. USDt issuance on other networks is significantly smaller, totaling $6.8 billion on BNB Chain, $2.3 billion on Solana and $1.1 billion on Polygon. USDt backed by cash and US Treasurys According to Tether's attestations, cash and cash equivalents, primarily short-term US Treasurys, constitute 81.5% of USDT's backing reserves, with Bitcoin accounting for 5.1%. Tether holds over $127 billion in US Treasurys as of Q2 2025, ranking as the 18th largest holder globally, alongside countries like South Korea and Germany. The company posted over $1 billion in operating profit in Q1. The stablecoin issuer has also been consistently minting new tokens. On Wednesday, Tether minted another $1 billion, with more than $4 billion over the past week alone. Last week, Tether announced it will stop allowing redemptions of USDt on five legacy blockchains, including Omni Layer, Bitcoin Cash SLP, Kusama, EOS (now Vaulta), and Algorand, starting Sept. 1. The move aims to let the company focus on blockchains with better scalability, more developer activity and stronger community engagement, according to CEO Ardoino. Stablecoin market expands amid growing regulatory clarity The stablecoin market has been expanding quickly, with fiat-pegged digital assets increasingly seen as the internet's go-to settlement layer. In 2024, stablecoin transaction volumes even surpassed those of Visa and Mastercard combined. The growing momentum comes as the Trump administration has prioritized stablecoin regulation, with the GENIUS Act leading the charge. The bill gained bipartisan support in the Senate Banking Committee and passed the Senate in June. However, it stalled in the House of Representatives after a group of lawmakers blocked a key procedural vote on Tuesday. The House is set to vote Thursday on the GENIUS Act as a standalone measure. Source:
Time of India
15 hours ago
- Business
- Time of India
Crypto firm Bitcoin Standard to go public in deal with Cantor-backed SPAC
Crypto firm Bitcoin Standard Treasury Company said on Thursday it is aiming to list on the Nasdaq through a merger with a Cantor Fitzgerald-backed blank check vehicle. The company will merge with Cantor Equity Partners I , a special purpose acquisition company ( SPAC ) backed by Cantor Fitzgerald , which is chaired by Brandon Lutnick , the son of U.S. Secretary of Commerce Howard Lutnick. The move comes about four months after another Cantor-backed SPAC teamed up with Japanese technology investor SoftBank Group and Tether, the company behind the world's largest stablecoin, for a $3.6 billion crypto venture to buy bitcoin. Crypto Tracker TOP COIN SETS Smart Contract Tracker 15.68% Buy NFT & Metaverse Tracker 13.08% Buy BTC 50 :: ETH 50 12.08% Buy Web3 Tracker 10.81% Buy DeFi Tracker 8.91% Buy TOP COINS (₹) XRP 308 ( 18.76% ) Buy Ethereum 310,496 ( 8.19% ) Buy BNB 62,976 ( 2.68% ) Buy Bitcoin 10,350,234 ( 1.97% ) Buy Tether 86 ( 0.14% ) Buy Several public companies - including Trump Media & Technology, founded by U.S. President Donald Trump - are now buying cryptocurrencies amid a rally fueled by rising adoption and favorable regulatory changes. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » Bitcoin has gained over 26% this year and vaulted past $120,000 for the first time on Monday. Live Events The bitcoin holding trend started after the success of Michael Saylor 's bitcoin acquirer Strategy, whose market value surged late last year as crypto prices jumped following Donald Trump's presidential election victory. Saylor pioneered the treasury approach, which involves hoarding the world's biggest cryptocurrency . As of July 14, Strategy held 601,550 units of bitcoin, making it the biggest corporate holder. Bitcoin Standard, which said it will go public with over 30,000 bitcoin on its balance sheet, will be the fourth largest listed bitcoin treasury , the company said. The U.S. House of Representatives is expected to soon pass a bill to establish a federal framework for stablecoins , a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg. The deal between Bitcoin Standard and Cantor is expected to close in the fourth quarter of 2025. The combined company will trade on the Nasdaq under the symbol "BSTR".
